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Screen MSEst - Mississippi Estimates (1040)

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Overview

Use this screen to complete Page 1 of Form 80-105 Resident Individual Income Tax Return or Form 80-205 Non-Resident or Part-Year Resident Individual Income Tax Return. This screen is also used to complete Forms 80-300 Estimated Tax for Individuals - Vouchers.
note
Enter state payments in the federal
St Pmt
 screen so the amounts transfer to federal Schedule A. If you enter payments for this state in more than one of the units provided in the federal
St Pmt
 screen, be sure to use the same fields for each unit. For example, if you use
Enter total, or
 in one unit, use
Enter total, or
 for all units that pertain to Mississippi. Similarly, if you use the
1st-5th payment
 fields, enter amounts in the payment fields for all units used for Mississippi.

Overpayment Application

Use this section to enter overpayment application information.
note
If you need to print blank vouchers, go to the Mississippi State Tax Commission website at http://www.dor.ms.gov.
The code options available in this section are the same as those in UltraTax/1040. They instruct UltraTax CS how to apply any current-year overpayment. Your decision affects what's printed on the return and the calculation of next year's estimated tax payments. New clients and converted clients may benefit from global options. Select
Setup
,
1040 Individual
,
Mississippi
 tab, select
New Client Options
, and enter the code or codes with which newly created and converted client returns calculate. These input screen fields transfer the global choice to newly created and converted clients. The transferred codes may be changed in these fields if necessary without being replaced by the global choice made in the New Client Options window. These fields are proforma'd from year to year; therefore, only newly created and converted clients are affected by global options.

Estimates - Calculated

To have UltraTax CS calculate next year's estimated tax liability and required payments, enter
2
,
3
,
5
,
6
,
7
, or
8
 in
Application of overpayment
, or make an entry in
Estimates - declaration for
.
Estimates - declaration for
These codes are the same as those in UltraTax/1040. They instruct UltraTax CS which method to use to determine the amount of the next year's estimated tax.
If you enter
2
,
3
,
5
,
6
,
7
, or
8
 in
Application of overpayment
, UltraTax CS defaults to
1
 in
Estimates - declaration for
.
If you leave both of these fields blank, UltraTax CS
does not
 generate estimate vouchers or filing instruction information.
New clients and converted clients may benefit from global options. Select
Setup
,
1040 Individual
,
Mississippi
 tab, select
New Client Options
, and enter the code or codes with which newly created and converted client returns calculate. These input screen fields transfer the global choice to newly created and converted clients. The transferred codes may be changed in these fields if necessary without being replaced by the global choice made in the New Client Options window. These fields are proforma'd from year to year; therefore, only newly created and converted clients are affected by global options.
Amounts for code 5 or 9
If you enter code
5
 in
Estimates - declaration for
, enter the desired quarterly payments in these fields. These amounts are adjusted by the overpayment applied and print on the vouchers.
If you enter code
9
 in
Estimates - declaration for
, enter the desired quarterly payments in these fields. These amounts aren't adjusted by the overpayment applied.
Amounts for estimates paid
Enter any estimate payments already made toward the next year. These amounts and the applied overpayment subtract from the calculated quarterly gross estimated tax liability to determine the net voucher amounts.
Tax projection options for code 8
If you enter code
8
, Use tax from Tax Projection Worksheet, in
Estimates - declaration for
, select an option in this field to customize the tax used to calculate next year's estimates. UltraTax CS automatically adjusts the projected tax liability based on the option you select. To produce a specific refund amount, enter that amount in
Amount of refund desired
.
Number of vouchers desired
The number of estimate vouchers defaults to
4
. Enter a code to specify fewer than four vouchers. The overpayment and amounts already paid toward next year's estimates are applied to each voucher based on the overpayment code and the quarter in which the amounts were paid.
Amount to round up each estimate
This field lets you enter rounding specifications for the estimated payments. The estimated payments can be rounded up to the nearest factor indicated.
For example, to round up each estimated payment to the nearest $10, enter
10
. If you leave this field blank, UltraTax CS automatically rounds each estimated payment up to the next dollar.
New clients and converted clients may benefit from global options. Select
Setup
,
1040 Individual
,
Mississippi
 tab, select
New Client Options
, and enter the rounding amount with which newly created and converted client returns calculate. The input screen fields transfer the global amount to newly created and converted clients. The transferred amount may be changed in this field if necessary without being replaced by the global choice made in the New Client Options window. This field is proforma'd from year to year; therefore, only newly created and converted clients are affected by global options.
Treat 4th quarter estimate as due on December 31st,
Use this field to indicate in the filing instructions that the fourth quarter estimate is due by 12/31. A global default is available for all new clients for all state returns. To select this option, select
Setup
,
1040 Individual
,
Federal
 tab, select
New Client Options
, and enter
X
 in
Treat the 4th quarter state estimate as due on December 31st
.

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